Spoon 1/2 cup of the fudge topping into bottom of crust. Gently top with 1/2 of the whipped topping; place in freezer 10 minutes.
Pour milk into large bowl; stir in peanut butter until smooth. Add pudding mixes. Beat with wire whisk 2 minutes or until smooth. (Mixture will be thick.) Gently stir in remaining whipped topping. Spoon over layers in crust.
Refrigerate 3 hours or until set. Drizzle with remaining fudge topping just before serving. Garnish with candy-coated peanut butter candies (M&M's).
Makes 8 servings.